Tesla (NASDAQ:TSLA) will hold a shareholder meeting on November 6. One of the votes will be on the proposal regarding board authorization of an investment in xAI
In its SEC filing, Tesla (NASDAQ:TSLA) highlighted that it is transforming into a leading artificial intelligence, robotics, and energy company, with its mission to advance technology for human benefit and advance sustainable energy.
xAI, a company focused on building AI to accelerate human scientific discovery, was noted to have developed Grok, an AI assistant already integrated into Tesla vehicles to enhance user experience, vehicle functionality, and autonomous driving capabilities.
Shareholders were advised that the synergies between Tesla (NASDAQ:TSLA) and xAI are evident, as both companies share a commitment to advancing technology for human benefit, with xAI’s AI expertise complementing Tesla’s (TSLA) advancements in autonomous driving, robotics, and energy optimization.
“Tesla’s strategic investments in AI are critical to maintaining its competitive edge in the rapidly evolving AI and robotics industries, and a direct investment in xAI would strengthen Tesla’s access to cutting-edge AI technologies, talent, and intellectual property… xAI’s mission aligns with Tesla’s, creating opportunities for collaborative innovation in areas such as vehicle AI, energy grid optimization, and humanoid robotics, which could enhance Tesla’s product offerings and market leadership”
In summary, the Texas-based company said an investment in xAI would provide Tesla (TSLA) with a stake in a major AI player, potentially yielding significant financial returns while fostering technological advancements that benefit customers and shareholders.
Shares of Tesla (TSLA) rose 2.0% in premarket trading.